Every story has two options: have a sad ending or a happy one. The same thing happens with financial stories, it may be good for a certain product or it may be bad. However, the result will depend on the management we perform, that is, how well we handle the product in question.
When it comes to a home loan, you don’t have to be a genius or do many complicated things to get it done in a good way and it ends up being a good experience, rather than a martyrdom. Then, the inevitable tips for a good mortgage management:
Opt for a fixed rate
Knowing in advance how much you will pay until the end of the loan allows you to quietly plan your budget, without expecting surprises for the rate hike.
Accommodate payment days
Check on which day you make the payment to the bank account and choose a nearby date. Ideally, it should not be the same day, because before any delay, your payment in the bank will also be delayed. The best is one or two days later.
Opt for unemployment insurance
The bank offers you this option which, although it has a separate cost, is quite convenient as it will protect you if you lose your job while maintaining the credit.
Get used to making prepayments
With every extra money you receive, the best thing you can do is to help pay off the debt early. Find out what the bank’s conditions are for this type of process and remember that they should not charge you a penalty for it.
Know the mechanism to sell the portfolio
It is better to inform yourself of how this process should be, because if you find a tempting offer along the credit that will allow you to save, the change would be more than convenient.
Remember that in addition to following these tips, the ideal is that before choosing the financial institution you can compare the options to see which bank offers you the best credit and thus not lose out.